Tips to get Personal Loan

Posted On January 7, 2019 by FreEMI

What is the personal Loan?

Before taking personal loan we should know what a personal loan is. A personal loan is a kind of unsecured loan people take to complete their personal needs(wedding, vacation, education, medical). Personal loans are easy to get, the documentation for a personal loan is very minimal. And the interest rate is also low.

Documents require for approving Personal loan

Self – employed: IT files of the last 2 years, Financial Documents, last 6 months primary account statement of the company.

Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.

Proof of Employment / Business Continuity

Salaried: Form 16 or appointment letter of 2 years earlier.

Self Employed: Tax registration certificate of dated 2 years or an earlier period.

Tips to get a Personal Loan

Credit Score/CIBIL Score – A good credit score is always important to get a personal loan. The interest rate often depends on the credit score. You must have a credit score in between 650-900 to get a personal loan. The more punctuality you have on your credit payments, the higher your credit score will be.

Decide your loan amount carefully – When you are taking a loan take only that amount you need. You must apply for a loan that you can repay on the fixed tenure. Because the bank will check your salary slip and if they don’t think that you can’t repay that amount on that fixed tenure your application for a loan can be canceled.

Don’t apply for a new loan while you are repaying a previous one – When you are taking a new loan you must maintain a gap of six months from your previous loan. Banks generally avoid those applicants considering that they can’t take the burden of two loans at a time.

Eligibility Criteria – Bank has some eligibility criteria before giving personal loan. The applicant must be in the age group from 25-55. Applicant must have a job from last 2 year and if he/ she is self-employed he/she must running their business for the last 2 years.

Find the right Institution– While you are taking a personal loan you must find the right institution because out there there are institutions who are giving loans on the high-interest rate you should avoid them.

Now we are giving a list of financial institutions who give personal loans.

Disclaimer:
FreEMI do not sell any kind of loans on it's own and do not take any kind of fees from our customers. We recommend our customers to select best offers from Banks and its advertisers. We do not assure or grantee any loans, as the loan is sanctioned as per the norms of Banks and NBFCs. We propose all customers to never entertain any monetary demand for disbursal of loan. Also, it is a request that in case if any individual asking for money and calling themselves as representative of
FreEMI should be immediately reported to us via mail at support@freemi.in

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